How different are Income Tax returns for AY 2014-15?

Income Tax Returns for the Assessment Year 2014-15 have undergone some changes. Taxpayers should make a note of these alterations as one would have to dig up the files and transaction details during the past financial year to furnish an appropriate return.

Assets and capital Gains

Capital Gains section has been segregated into categories for various assets such as house, mutual funds and shares etc. With respect to house property, the entire amount for consideration without indexation (adjusting for inflation) has to be disclosed.

Also, in case one has sold assets then details such as stamp duty value, date of purchasing, value of new property purchased and capital gain details have to be filled.

Similarly for capital gains under mutual funds and bonds details of shares or units sold have to be disclosed.

Income from a house

Co-owners of house property would have to mention the percentage of ownership and the tax benefit would be claimed accordingly. The details of the person who has taken your house property on rent have to be submitted, including the PAN, address, etc. These details weren’t asked in the past. The aim seems to be to keep a tab on rental income evasion.

Exempt allowances to be mentioned

Hitherto, one had to purely mention the sum claimed under exempt allowances. Now additional details have been asked for. After some people were caught with fake LTA bills, details of LTA and HRA allowances need to be separately mentioned.

Additional deduction

Separate space has been provided to claim a new tax relief of upto Rs 2,000 under Section 87A for taxpayers with annual income of upto Rs 5 lakh.

Additionally, first time home buyers who have taken a loan of upto Rs 25 lakh during financial year 2013-14 for their home costing upto Rs 40 lakh can claim an additional deduction of Rs 1 lakh under section 80EE.

Carry forward TDS

Professionals such as Lawyers and Doctors can cheer about the fact that unclaimed tax deducted or collected at source (TDS or TCS) can be carried forward. This mechanism wasn’t available earlier.

Updated details

Extra caution has been recommended to register accurate mobile numbers and email id of the taxpayer. This year on your Chartered Accountant’s email ID and phone number won’t be valid as only ten people per mobile number can be registered. Also, ensure that you enter the correct bank account details such as MICR Code etc as refunds are no longer cheque-driven. They would be credited to your bank account directly as soon as the return is processed.

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